REC Limited confirms the sale and transfer of its entire stake in Umred Power Transmission Limited (UPTL) on February 26, 2026. The entire shareholding, held by its subsidiary RECPDCL, was transferred at par value to the successful bidder selected via tariff-based competitive bidding. The transaction consideration amounted to ₹2,34,28,481/-. As a result, UPTL is no longer a subsidiary of RECPDCL or REC Limited.
Completion of Project SPV Transfer
REC Limited has formally announced the completion of the sale and transfer of its project-specific Special Purpose Vehicle (SPV), Umred Power Transmission Limited (UPTL). This action was executed on February 26, 2026.
The entirety of the 50,000 equity shares of UPTL, previously held by REC Power Development and Consultancy Limited (RECPDCL)—a wholly-owned subsidiary of REC Limited—was transferred to the successful bidder selected through the competitive bidding process.
Transaction Details and Consideration
The transfer was executed at par value, including all associated assets and liabilities of UPTL.
- Name of SPV: Umred Power Transmission Limited
- Name of Successful Bidder: Maharashtra State Electricity Transmission Company Limited
- Consideration Received: ₹2,34,28,481/- (inclusive of professional fees, expense reimbursement, and taxes).
It is confirmed that the successful bidder does not belong to the Promoter or Promoter group of REC Limited. Furthermore, the transaction does not fall within the purview of related party transactions and is not considered a Slump Sale.
Impact on REC Group
With effect from February 26, 2026, Umred Power Transmission Limited is no longer a subsidiary of either RECPDCL or REC Limited. The turnover or revenue contribution of UPTL to REC Limited during the last financial year was deemed Negligible.
The consideration for the sale and transfer was determined in accordance with the Guidelines issued by the Ministry of Power, Government of India.
Source: BSE
